Cartoon Of the Week
Maybe its because I have watched MY oil production and ALL the worlds big oil fields and oil plays decline and deplete into almost nothing over the past 50 years that I absolutely do not understand folks that scoff at the notion of "peak oil." Those people are nuts.
The term peak oil has never been about the world "running out" of oil, its always been about oil production not being able to meet oil demand because of affordability. The US shale oil phenomena is precisely what I am referring to...its almost all we have left to develop in our nations mature oil basins and it has, for the most part, never been profitable to extract. That sector is now so racked with debt it will NEVER be able to pay it all back. Peak affordable oil is sitting in our laps already.
Some meathead on social media this week, an editor for a Society of Petroleum Engineers publication, no less, said the world could ramp up to over 140 million barrels of oil per day in no time. That would be a 55 million BOPD increase from our current worldwide C+C production levels! Most of the world's reservoir engineers dismiss the claim that Saudi Arabia has even 2MM BOPD of spare production capacity, pre COVID; where is this 55MM BOPD going to come from?! In the same breath this fella also said we have 100 years of oil left in America we'll NEVER run out of natural gas. An SPE representative!
I don't get it. Peak oil deniers live on a different planet.